证券研究报告|公司点评报告 [Table_Date] 2025 年 08 月 26 日 [Table_Title] 主业保持稳健，机器人等新业务多点开花 [Table_Title2] 凌云股份(600480) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 600480 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 19.68/7.35 | | 目标价格： | | 总市值(亿) | 174.43 | | 最新收盘价： | 14.27 | 自由流通市值(亿) | 171.83 | | | | 自由流通股数(百万) | 1,204.16 | [Table_Summary] 事件概述 公司发布 2025 年半年度报告，2025 年上半年实现营业收入 92.61 亿元，同比+3.61%；实现归母 净利润 4.33 亿元，同比+8.46%；扣非归母净利润 3.74 亿元，同比+6.14%。 ► 1、营收保持稳健，新获订单保障持续成长 2025 年上半年公司营收 92.61 亿元，同比增长 3.61%，保持稳健增长态势。分业 ...

8月21日早盘时段，该股曾出现快速回调，五分钟内跌幅超过2%。截至当日收盘，主力资金净流出 959.54万元，近五个交易日累计净流出2647.91万元。 风险提示：股市有风险，投资需谨慎。 该公司主要从事汽车零部件研发生产，产品涵盖汽车热管理系统等核心部件。作为注册制次新股，企业 持续投入新能源车相关技术研发。 众捷汽车股价报38.78元，较前一交易日下跌1.05元。开盘价为39.93元，最高触及39.93元，最低下探至 38.61元，全天成交53200手，成交金额达2.08亿元。 ...

Company Overview - The company, 标榜股份, is primarily engaged in the manufacturing of automotive components, particularly in the automotive thermal management systems sector [1] - The company is registered in Jiangsu Province, with a total market capitalization of 3.712 billion yuan and a circulating market value of 1.206 billion yuan [1] Stock Performance - As of the close on August 14, 2025, the stock price of 标榜股份 was 32.13 yuan, reflecting a decrease of 2.87 yuan or 8.20% from the previous trading day [1] - The trading volume for the day was 171,581 hands, with a transaction amount reaching 557 million yuan, resulting in a turnover rate of 45.71%, ranking among the top in the market [1] Capital Flow - On that day, the net inflow of main funds into 标榜股份 was 18.0551 million yuan, accounting for 1.5% of the circulating market value [1] - Over the past five trading days, the cumulative net inflow of main funds was 78.7479 million yuan, representing 6.53% of the circulating market value [1]

Company Overview - The stock price of Su Lian Co., Ltd. is reported at 31.20 yuan as of August 4, 2025, reflecting a decrease of 0.10% from the previous trading day [1] - The opening price for the day was 30.81 yuan, with a high of 31.38 yuan and a low of 30.51 yuan, resulting in a trading volume of 36,000 hands and a transaction value of 111 million yuan [1] Business Operations - Su Lian Co., Ltd. specializes in the manufacturing of automotive components, including core parts such as automotive thermal management systems [1] - The company operates within the automotive parts industry and is also involved in the new energy vehicle sector [1] Shareholder Information - As of July 31, 2025, the number of shareholders increased by 1.01% to 11,200 [1] - The average number of shares held per shareholder decreased to 6,298 shares, with an average market value of 193,400 yuan, which is below the automotive industry average of 314,500 yuan [1] Capital Flow - On August 4, 2025, the net inflow of main funds was 8.73 million yuan, with a cumulative net inflow of 10.55 million yuan over the past five days [1]

Group 1 - The latest stock price of Songzhi Co., Ltd. is 8.04 yuan, an increase of 0.25% compared to the previous trading day, with an intraday high of 8.14 yuan and a low of 8.00 yuan, and a trading volume of 0.85 billion yuan [1] - Songzhi Co., Ltd. specializes in automotive thermal management systems and energy storage temperature control, with applications in both traditional and new energy vehicles, and is part of the automotive parts sector while also involved in flying cars and energy storage concepts [1] - Recent data indicates that the main funds of Songzhi Co., Ltd. are experiencing a net outflow, with a net outflow of 12.3758 million yuan on August 1 and a cumulative net outflow of 55.7511 million yuan over the past five days [1]

Group 1 - The core vision of the company is to become a leading global automotive thermal management supplier by 2030, aiming to rank among the top three in the global automotive air conditioning compressor market by 2030 [1] - Since its listing in 2015, the company has successfully transformed from a single automotive compressor supplier to a thermal management system integrator, achieving significant growth in revenue and performance, and establishing itself as a leader in the domestic automotive thermal management market [1] - The year 2024 is identified as a crucial milestone for the company, having integrated into the Yangtze Industry Group's strategic framework, which has led to a transformation into a state-controlled listed company and the establishment of a modern governance system [1] Group 2 - The automotive industry is expected to continue expanding in scale and upgrading technology over the next five years, with smart technology becoming a core driver of high-quality development [2] - Leading companies like the company should leverage technology and collaboration to accelerate their transformation from single component suppliers to system solution providers, thereby gaining a competitive edge in the global automotive industry [2] - The Yangtze Industry Group has positioned the automotive industry as its primary strategic pillar and aims to create a robust industrial ecosystem through leadership and coordination [2] Group 3 - The company has been established as the core flagship of the automotive industry within the Yangtze Industry Group, with a clear goal of achieving "first-class technology and global leadership" [3] - There is significant synergy between the company and the group, particularly in joint research and development, market expansion, and supply chain optimization [3] - The group is committed to providing comprehensive support to the company through capital injection, industrial collaboration, and innovative mechanisms to enhance its global presence in the automotive industry [3]

Group 1 - The article emphasizes the importance of addressing climate change and highlights China's commitment to global environmental governance through the implementation of the "National Plan" for HFCs management [1][2] - The automotive industry is identified as a significant sector for HFCs usage, particularly in vehicle thermal management systems, and is urged to adopt HFCs reduction and replacement strategies [2][3] Group 2 - The "National Plan" sets clear targets and action plans for HFCs management, including a ban on new applications for M1 vehicle air conditioning systems using refrigerants with a GWP greater than 150 starting July 1, 2029 [3] - The automotive industry is encouraged to accelerate the research and application of alternative technologies for HFCs, especially in electric vehicle thermal management systems [3][4] Group 3 - The establishment of policies, regulations, and standards is deemed essential for achieving HFCs reduction goals, with the automotive industry expected to collaborate with government departments to create a comprehensive management system [4] - International cooperation and exchange are highlighted as vital for sharing best practices and contributing to global HFCs reduction efforts [4][5] Group 4 - The automotive industry association aims to strengthen its role as a bridge between the government and enterprises, promoting collaboration and awareness of the "National Plan" [5][6] - Training and educational initiatives will be organized to enhance the industry's capacity for HFCs reduction and replacement [5][6]

Core Insights - The company, Aotega (002239.SZ), has experienced significant growth in its performance, with a total revenue of 1.911 billion yuan in Q1 2025, representing a year-on-year increase of 16.28%, and a net profit attributable to shareholders of 46.6948 million yuan, up 19.20% year-on-year [1][2] Financial Performance - Aotega's operating cash flow net amount surged by 229.82%, indicating a substantial improvement in operational quality [2] - The company achieved a net profit of 89.04 million yuan in 2022, which briefly adjusted to 73.25 million yuan in 2023 before rebounding strongly to 106 million yuan in 2024. The non-recurring net profit also saw a significant increase from 48.67 million yuan in 2023 to 119 million yuan in 2024, marking a growth of 144.89% [2] Market Dynamics - The core driver of Aotega's growth is the booming electric vehicle market, with China's penetration rate for new energy vehicles surpassing 46% in 2024. Aotega is closely tied to leading automotive companies such as BYD, Li Auto, and NIO [3] - In 2024, Aotega's sales of electric compressors reached 7.0719 million units, a year-on-year increase of 21.54%, with a remarkable 74% growth in electric compressors used in new energy vehicles [3] R&D and Competitive Edge - Aotega views R&D investment as a cornerstone of long-term competitiveness, with R&D expenditure reaching 311 million yuan in 2024, a 37.2% increase, and accounting for 3.81% of total revenue [4] - The company is accelerating its global capacity layout, having established seven production bases abroad, covering key automotive markets in North America, Europe, South Asia, Southeast Asia, and North Africa [4]

苏州众捷汽车零部件股份有限公司（股票代码：301560，简称：众捷汽车）深交所创业板上市在即。作为汽车热管理系统领域的专业供应商，众捷 汽车历经十余年技术沉淀，已形成年出货量超1亿件、营业收入超9亿元的产业规模。公司产品矩阵丰富，涵盖空调热交换系统、动力冷却系统及新 能源热管理组件等核心领域，客户网络覆盖全球多个一级零部件供应商，终端应用涵盖众多主流汽车品牌及新兴电动车企，展现出强劲的市场竞争 力。 自2010年成立以来，众捷汽车始终专注于汽车热管理系统精密零部件的研发与生产。这类零部件作为热管理系统的核心载体，通过定制化精密加工 工艺实现汽车动力系统、座舱环境及新能源三电系统的精准温控。 众捷汽车现有产品线覆盖汽车空调热交换器、管路系统、油冷器、热泵系统、电池冷却器等汽车零部件，形成完整热管理系统解决方案。凭借持续 的技术攻关，众捷汽车已掌握从协同开发、工装设计到智能制造的全链条能力，累计开发3000余种型号产品，年出货量达1亿余件，被评为第六批国 家级专精特新"小巨人"企业。 在专业化分工日趋细致的背景下，汽车零部件产业形成了多层次分工的"金字塔"结构。在汽车热管理系统市场，海外企业因进入较早，技术和经验 ...